The Economic and Financial Crimes Commission has established a task force to tackle illegal forex trading and naira abuse.

The commission is combating illegal forex trading against the backdrop of the continued depreciation of the naira against the US dollar.

According to data from the financial market infrastructure group warehousing, also known as FMDQ, the naira depreciated to N1,537.96 per US dollar on Friday from N1,498.25 on Thursday.

Recall that the EFCC had arrested several suspects in the past in connection with illegal forex trading and abuse of the naira notes in public functions.

In December 2022, operatives of the commission arrested 87 forex dealers in the Federal Capital Territory, Abuja, Lagos and Kano.

Findings revealed that the EFCC detectives ransacked the forex dealers’ vaults for stashed dollars and naira.
Also, the anti-graft agency in February, secured the conviction and sentencing of a Nigerian actress, Oluwadarasimi Omoseyin, to six months imprisonment for spraying and stepping on Naira notes.
Delivering judgment, Justice Aneke sentenced her for the offence with an option of N300,000 fine to be paid into the consolidated revenue account of the federation.

February 18, 2024

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